Australian Ethical divests from AMP
Following revelations of AMP’s governance issues uncovered in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, Australian Ethical has announced it would divest from AMP for failing ethical investment standards.
Head of ethics research at Australian Ethical, Stuart Palmer, said AMP had given Australian Ethical no reason to change the Royal Commission’s assessment of the evidence presented to it.
Positive and negative screens, and an “ethical character” investment strategy, has guided Australian Ethical’s decision to completely divest from the bank.
This follows the resignation of three female AMP directors and a severe drop in the share price.
AUTHOR
Anastasia Santoreneos
Recommended for you
ASIC has launched court proceeding against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
